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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Bentley Systems runs and where it’s prioritizing investment.Bentley is clearly in a growth‑first mode: R&D is the largest, most consistently rising line—funding AI, Asset Analytics and product instrumentation—while Sales & Marketing has stepped up alongside Virtuoso/new‑logo momentum to drive ARR. G&A is lumpier (periodic spikes suggest integration, scaling or timing effects) and amortization is steady, implying no runaway acquisition amort burden. Large swings in deferred compensation add noise to quarterly comparisons. The mix supports subscription expansion but explains management’s H1‑weighted expense timing and the risk of near‑term margin/compute pressure from early AI monetization.
Date | Sales and Marketing | Research and Development | General and Administrative | Amortization | Deferred Compensation |
|---|---|---|---|---|---|
Jun 30, 2026 | $80.87M | $82.09M | $65.22M | $8.29M | $11.66M |
Mar 31, 2026 | $75.27M | $83.00M | $58.51M | $8.44M | -$1.07M |
Dec 31, 2025 | $84.50M | $80.99M | $66.43M | $8.21M | $2.04M |
Sep 30, 2025 | $72.11M | $78.75M | $53.82M | $8.15M | $6.03M |
Jun 30, 2025 | $69.87M | $75.39M | $49.86M | $8.20M | $7.58M |
Mar 31, 2025 | $63.06M | $72.45M | $47.23M | $8.21M | -$1.25M |
Dec 31, 2024 | $78.72M | $77.10M | $57.68M | $8.28M | -$1.28M |
Sep 30, 2024 | $64.94M | $70.07M | $51.36M | $8.36M | $6.98M |
Jun 30, 2024 | $57.13M | $65.71M | $64.85M | $8.39M | $883.00K |
Mar 31, 2024 | $54.39M | $68.37M | $46.48M | $8.96M | $5.80M |